Audientes Q1 2021: Building momentum
Today, Audientes A/S’ financial results for the period January 1 – March 31, 2021, were approved by the Board of Directors, and the company has now published its interim report for Q1 2021.
Company announcement no. 5-2021
May 20, 2021
Today, Audientes A/S’ financial results for the period January 1 – March 31, 2021, were approved by the Board of Directors, and the company has now published its interim report for Q1 2021.
Steen Thygesen, CEO Audientes A/S, comments:
"Q1 2021 has been marked by several significant accomplishments before the actual product launch in Q3 2021. With our local presence in India, despite and with respect for the COVID-19 pandemic, we have been able to conduct important product and customer tests in four major cities in India, and we have even launched improved technical specifications in an elegant design that we take to market later this year. Operating profit (EBITDA) in Q1 2021 was DKK -2.6 million, which is in line with expectations, and the outlook for 2021 is maintained."
Performance highlights for Q1 2021
| TDKK | Q1-2021 | Q1-2020 | 2020 |
| Revenue | 0 | 0 | 0 |
| EBITDA | -2,610 | -43 | -5,548 |
| Profit/loss for the period | -2,751 | -43 | -5,561 |
| Cash and cash equivalents | 28,409 | 16 | 30,364 |
| Equity | 35,620 | 3,878 | 38,372 |
| Equity ratio (%) | 88 | 50 | 91 |
| Earnings per share (DKK) | -0.29 | -0.01 | -0.79 |
| No. of shares beginning of the period | 9,349,010 | 3,687,300 | 3,687,300 |
| No. of shares end of period | 9,349,010 | 3,687,300 | 9,349,010 |
Highlights Q1 2021
- Investments and expenditures in line with expectations with less travel activity than planned. Accordingly, Audientes had a robust financial position at the end of Q1 2021 with cash holdings of TDKK 28,409.
- Critical user tests in several cities throughout India completed in Q1 2021, enabling us to gather vital user feedback on device performance, design and fit.
- Implementation of the multichannel sales platform commenced in Q1 2021. The platform enables us to market and sell our products and accessories worldwide through numerous ecommerce channels and will simultaneously facilitate the dialog and collaboration with B2B sales partners in various markets with whom we plan to launch our product in Q3 2021.
- Significant technical boost announced in March 2021 which, together with an enhanced design, greatly reinforces the offering of our self-fitting hearing aid.
- Continued focus on gaining FDA clearance for our hearing aid in 2022, although the introduction of pending new OTC legislation has been delayed by the US authorities.
2021 outlook maintained
- Indian subsidiary – In Q2 2021, we will establish our Indian subsidiary with both office facilities and a customer experience center in the southern Indian city of Hyderabad.
- Sales start is targeted for Q3 2021 as mass production commences, as previously announced.
- Outlook maintained – In 2021, Audientes expects revenue in the range of DKK 3.5 to 5.0 million and operating profit (EBITDA) in the range of DKK -12 to -14 million.
Financial calendar
| Date | Event |
| August 19, 2021 | Half-year 2021 reporting |
| November 18, 2021 | Q3 2021 reporting |
| March 24, 2022 | Annual Report 2021 |
| April 21, 2022 | Annual General Meeting 2022 |
Q1 interim report 2021
https://www.audientes.com/investor-relations/
Interim report presentation: 20 May 2021 at 2:00 pm (CET)
On Thursday, 20 May 2021 at 2:00 pm (CET), Audientes CEO Steen Thygesen presents the Q1 2021 financial results and latest news, followed by a Q&A session.
https://hcandersencapital643.clickmeeting.com/327941278/register
For further information, please contact:
CEO Steen Thygesen
Phone: +45 53 17 26 10
Email: st@audientes.com www.audientes.com
Certified advisor
Kapital Partner ApS Jesper Ilsøe, Partner Phone: +45 89 88 78 46
About Audientes A/S
Audientes is one of the new players in the global hearing aid market. The company has developed a new self-fitting hearing aid, which will be rolled out in the Indian market in Q3 2021 before being introduced to the US OTC market and other markets. Audientes' mission is to help the many millions who suffer from disabling hearing loss but cannot afford to buy one of the very expensive conventional hearing aids on the market.
Today, nearly 500 million people globally suffer from disabling hearing loss, of whom 400 million do not have a quality solution to address their hearing loss. The WHO estimates that, by 2050, the number of people with disabling hearing loss will reach 900 million. This is nothing short of a global health issue. Audientes wants to be part of the solution to this issue by offering affordable, self-fitting binaural hearing aids for the benefit of all.
Audientes is headquartered in Copenhagen, Denmark and is listed on Nasdaq First North Growth Market Denmark (AUDNTS).
For additional information about Audientes’ financial position and development, please refer to the company’s website (www.audientes.com).
The interim report and this accompanying company announcement are originally published in English. In case of any discrepancy between the English version and the Danish translation, the English version prevails.